First Cut: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
First Cut
Largest movements
- Receivables within one year -€234,265
down €234,265 (-74.1%), from €315,940 to €81,675
of which Trade receivables: -€234,265
- Stocks and contracts +€36,009
up €36,009 (+8.5%), from €423,129 to €459,138
- Cash -€32,009
down €32,009 (-68.0%), from €47,081 to €15,073
mainly Trade debts (-€594,289) and Stocks and contracts (-€36,009)
- Intangible fixed assets -€30,539
down €30,539 (-33.5%), from €91,172 to €60,633
- Trade debts -€594,289
down €594,289 (-81.3%), from €730,593 to €136,304
- Debts after one year +€180,644
new in 2025: €180,644
- Other debts +€57,850
up €57,850 (+187.1%), from €30,914 to €88,763
- Short-term financial debts +€45,934
new in 2025: €45,934
- Current portion of long-term debt +€29,987
new in 2025: €29,987
- Staff costs +€34,904
up €34,904 (+22.6%), from €154,177 to €189,080
- Gross operating margin +€16,292
up €16,292 (+7.0%), from €231,747 to €248,039
- Financial charges +€8,215
up €8,215 (+276.1%), from €2,975 to €11,190
- Taxes -€7,621
down €7,621 (-80.7%), from €9,445 to €1,824
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €888,392 | €622,607 | -€265,785 | -29.9% |
| Fixed assets | 21/28 | €99,234 | €66,721 | -€32,513 | -32.8% |
| Intangible fixed assets | 21 | €91,172 | €60,633 | -€30,539 | -33.5% |
| Tangible fixed assets | 22/27 | €8,062 | €6,088 | -€1,974 | -24.5% |
| Land and buildings | 22 | €1,497 | €1,327 | -€169 | -11.3% |
| Plant, machinery and equipment | 23 | €1,218 | €1,565 | +€347 | +28.5% |
| Furniture and vehicles | 24 | €5,348 | €3,195 | -€2,152 | -40.2% |
| Current assets | 29/58 | €789,158 | €555,886 | -€233,272 | -29.6% |
| Stocks and contracts in progress | 3 | €423,129 | €459,138 | +€36,009 | +8.5% |
| Stocks | 30/36 | €423,129 | €459,138 | +€36,009 | +8.5% |
| Amounts receivable within one year | 40/41 | €315,940 | €81,675 | -€234,265 | -74.1% |
| Trade receivables | 40 | €315,940 | €81,675 | -€234,265 | -74.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €47,081 | €15,073 | -€32,009 | -68.0% |
| Deferred charges and accrued income | 490/1 | €3,008 | €0 | -€3,008 | -100.0% |
| Total equity and liabilities | 10/49 | €888,392 | €622,607 | -€265,785 | -29.9% |
| Equity | 10/15 | €53,445 | €53,978 | +€533 | +1.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €43,445 | €43,978 | +€533 | +1.2% |
| Distributable reserves | 133 | €43,445 | €43,978 | +€533 | +1.2% |
| Amounts payable | 17/49 | €834,947 | €568,629 | -€266,318 | -31.9% |
| Amounts payable after more than one year | 17 | - | €180,644 | +€180,644 | |
| Financial debts | 170/4 | - | €180,644 | +€180,644 | |
| Amounts payable within one year | 42/48 | €804,947 | €357,985 | -€446,962 | -55.5% |
| Current portion of amounts payable after more than one year | 42 | - | €29,987 | +€29,987 | |
| Financial debts | 43 | - | €45,934 | +€45,934 | |
| Credit institutions | 430/8 | - | €45,934 | +€45,934 | |
| Trade debts | 44 | €730,593 | €136,304 | -€594,289 | -81.3% |
| Suppliers | 440/4 | €730,593 | €136,304 | -€594,289 | -81.3% |
| Advances received on contracts in progress | 46 | €35 | €35 | +€0 | +0.1% |
| Taxes, remuneration and social security | 45 | €43,405 | €56,961 | +€13,556 | +31.2% |
| Taxes | 450/3 | €21,799 | €34,080 | +€12,281 | +56.3% |
| Remuneration and social security | 454/9 | €21,606 | €22,881 | +€1,275 | +5.9% |
| Other amounts payable | 47/48 | €30,914 | €88,763 | +€57,850 | +187.1% |
| Accrued charges and deferred income | 492/3 | €30,000 | €30,000 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €154,177 | €189,080 | +€34,904 | +22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,292 | €33,976 | +€684 | +2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €635 | €0 | -€635 | -100.0% |
| Other operating charges | 640/8 | €9,634 | €11,656 | +€2,022 | +21.0% |
| Gross operating margin | 9900 | €231,747 | €248,039 | +€16,292 | +7.0% |
| Operating profit (loss) | 9901 | €34,010 | €13,327 | -€20,683 | -60.8% |
| Financial income | 75/76B | €293 | €219 | -€73 | -25.1% |
| Recurring financial income | 75 | €293 | €219 | -€73 | -25.1% |
| Financial charges | 65/66B | €2,975 | €11,190 | +€8,215 | +276.1% |
| Recurring financial charges | 65 | €2,975 | €11,190 | +€8,215 | +276.1% |
| Profit (loss) for the period before taxes | 9903 | €31,327 | €2,356 | -€28,971 | -92.5% |
| Income taxes | 67/77 | €9,445 | €1,824 | -€7,621 | -80.7% |
| Profit (loss) for the period | 9904 | €21,883 | €533 | -€21,350 | -97.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,883 | €533 | -€21,350 | -97.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.